Investments



($ in millions)	2015		2014
Investments in equity affiliates	$	221	$	295
Marketable equity securities - Trading (See Note 9)	77		74
Other	69		74
Total	$	367	$	443

The Company’s investments in equity affiliates are comprised principally of 50% ownership interests in a number of joint ventures that manufacture and sell coatings and glass products, the most significant of which produces fiber glass products and is located in Asia. The Company’s investments in and advances to equity affiliates also include its approximate 40% ownership interest in Pittsburgh Glass Works LLC (“PGW”), which had a carrying value of $18 million and $94 million at December 31, 2015 and 2014, respectively. In December 2015, PGW refinanced certain long term debt arrangements and recorded a debt extinguishment charge. PPG’s share of the debt extinguishment charge was $11 million and was recorded in “Other income” on the Consolidated Statement of Income. PGW distributed a portion of the debt proceeds to its owners, of which PPG’s share was $72 million. The extinguishment charge and the cash distribution are both reported within the “Equity affiliate earnings, net of distributions received” caption on the Consolidated Statement of Cash Flows.

PPG’s share of undistributed net earnings of equity affiliates was $93 million and $171 million as of December 31, 2015 and December 31, 2014, respectively. Dividends received from equity affiliates were $77 million, $5 million and $9 million in 2015, 2014 and 2013, respectively.

PPG accounts for a noncontrolling interest related to a certain consolidated affiliate as a liability, based on a call and put option which have similar terms, which approximates $37 million.